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WHAT ENHANCES A HOME'S VALUE?

January 30th, 2018 12:43 PM

Barbara’s Blog:

Homes of Small Size: Over the last five years, homes under 1,200 sq. ft. (favorites of retiring boomers and first-time buyers) have appreciated by an average of 7.5% per year, while homes 2,400 sq. ft. or larger have only risen 3.8%.

Open Floor Plan: Having an open floor plan led to an average 7.4% appreciation per year. Granite countertops added 2.5% annual appreciation and stainless steel appliances 3%.

Fewer Bedrooms: The more bedrooms a home had, the less it appreciated since 2012. Those homes with one or two bedrooms increased in value more than 2% of those with three, four or more.

Homes With A View: Homes overlooking a conservation area, golf course or lake increased in value almost 8% annually.

Two-Car Garages: Homes with space for two cars appreciated 6.4% annually, vs. those with one or three-car garages, which only appreciated 3.8%.

Location: Homes near schools, restaurants, medical facilities and other amenities grew 8.4% in value per year as opposed to those in more rural areas.

This survey was done by Realtor.com and shows a trend toward more downsizing than ever before. The larger homes are becoming less desirable and more buyers are turning to the smaller, affordable homes with less maintenance. It will be interesting to see if there are any changes to the market trend in the next few years.